Monday, January 18, 2021

Brigates Prepares $207M IPO at Shanghai Stock Exchange

EastMoney, CapitalWhale, ElecFans: Yet another China-based image sensor company prepares an IPO at Shanghai Stock Exchange - Brigates (Chinese name - Ruixinwei or Ruixin Micro-Tech Innovation or Kunshan Ruixin.)

"The IPO of the Science and Technology Innovation Board intends to raise 1.347 billion yuan for the R&D and industrialization projects of high-end image sensor chips and movement, as well as development and technology reserve funds.

So, what is the advantage of Ruixinwei?

The prospectus declares that: the company’s technologies and products in the field of high-end image chip customization and high-sensitivity camera cores have reached the domestic leading and internationally advanced level; “has a number of domestic leading and internationally advanced core technologies” and “breaks through foreign countries. "The technology monopoly of giants", "The company has become one of the few companies in the world that master ECCD technology", "It has replaced and surpassed similar foreign products, and filled many gaps in the field of domestic image sensors", "A few global suppliers Business One", "in a dominant position."

The Shanghai Stock Exchange took note of the company's above statement and requested the company to list the basis for its described market position.

In the reply letter, Ruixin Micro stated that it has revised "replacement and surpasses similar foreign products" in the prospectus to "partially replace similar foreign products", and at the same time, it will "achieve a subversive replacement of vacuum analog signal device technology." "Modified to "Realize the renewal of vacuum analog signal device technology".

For other statements, Ruixinwei believes that the statement is well-founded. In particular, the company mentioned that it is "the few companies in the world that master ECCD technology."

“The MCCD and ECCD technology independently developed by Ruixin Micro is helpful to improve the imaging quality of the image sensor.”

“At present, CMOS image sensor is the mainstream technology route, accounting for nearly 90% of the image sensor market. Ruixin Micro is equivalent to taking a new technological path. Ruixin Micro has developed a high-sensitivity camera core with MCCD technology as its core, has achieved industrialization. However, ECCD process development is very difficult, and currently there are relatively few publicly available materials."


  1. I guess MCCD is their bucket brigade device using CMOS, and I guess ECCD is embedded CCD. I am just wondering where these devices are finding success in the market place? The only one I can imagine, if it is a real CCD, is TDI imaging. But perhaps there are more. US$207M valuation is a pretty big number.

    1. My understanding is that $207M is the funds that they intend to raise in the IPO, while their company valuation is higher than that.

      As for the MCCD, initially they positioned it as a substitute for phased out CCDs in security cameras. I think it's just a regular CMOS sensor inside with external interface mimicking CCD and its controller chip.

    2. Yes, right of course about the $207M. Even more amazing if the IPO is only a small portion of their valuation. Thanks for the guess on MCCD. There is always some market for form & function substitutes to keep older product lines alive and avoid retooling. Still, surprisingly large valuation. Wonder where they are going?

  2. Eric, it's not 20 years ago. Look at the high-tech public companies market caps around the globe and financing rounds and valuations of private high-tech companies.

    1. Indeed. Part of what amazes me. We might be in a bubble don't you think?


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